When Will Fuel Prices in Belize Decrease?

Fuel prices are falling globally. Last week, the global benchmark for oil prices has fallen below one hundred U.S dollars per barrel, down from over one hundred and twenty dollars in June. So, when will Belizeans be able to take advantage of these decreasing fuel prices at the pumps? As we have reported, the Government of Belize intends to first recover the revenues foregone after decreasing the excise duty for diesel and regular gasoline. P.M. Briceño explained in a previous interview that there will be a gradual reduction of prices, possibly over a period of one to two years. On Monday, Doctor Osmond Martinez, the C.E.O. in the Ministry of Economic Development, noted that government has already begun to recoup those funds.

Osmond Martinez

Dr. Osmond Martinez, CEO, Ministry of Economic Development

“I believe the fuel prices will soon start to see a decrease. Internationally, we have seen a slight decrease. So, we are hoping that it will impact our nation sooner or later.”

Reporter

“Aren’t we relaying on repaying that contingency fund before we can see fuel prices go down?”

Osmond Martinez

“Well, not necessary. But, there will be some adjustments that we need to make to the fiscal budget, because there is a lot of money that were used from the contingency fund. Definitely it will have to replenish, but we will not do it overnight. Definitely, there will be a formula on how to work on it.”

Reporter

“So no time period in terms of when that fund will be replenished? Or, how far are we along in terms of replenishing those monies?”

Osmond Martinez

“It just started. We still have a long way. But, I don’t think the government will pass all this cost to the consumers. It is not that way. We understand that inflation is an issue and the government will do everything possible to pass on this cost of fuel, and to enjoy the cost of fuel to the Belizean population as soon as that benefit can come to Belize.”